# Finance Act 2000, Paragraph 44

Extent: E+W+S+N.I.

(1) This paragraph applies if the option is to acquire shares at not less than their market value—
(a) at the time the option is granted, or
(b) if it is a replacement option, at the time the original option was granted.
(2) In that case no amount is chargeable to income tax under section 135 of the Taxes Act 1988 (taxation of share options) in respect of the exercise of the option.
(3) This paragraph has effect subject to paragraph 53 (effect of disqualifying event).

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Source: https://www.legislation.gov.uk/ukpga/2000/17/schedule/14/paragraph/44 (the official version)
Page: https://openlegislation.uk/finance-act-2000/schedule-14/paragraph-44
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.